Cloud player 8K Miles net soars 74% to Rs 41 cr on better margins

Published On: 02, Dec 2017 | Source: business-standard.com

America-focused cloud computing services provider 8K Miles Software Services has reported a 74 per cent jump in net income at Rs 41 crore, driven by a 73 per cent growth in sales and better margins for the three months to September.

The Silicon Valley-based, Chennai-headquartered company reported a revenue of Rs 211.12 crore for the quarter on an annual basis, which was a moderate 8.03 per cent sequentially.

Operating margins jumped 66.3 per cent to Rs 70.56 crore, an increase of 66.28 annually and 10.3 per cent sequentially, the company said in a statement today.

Excluding minority interest, the net income stood at Rs 47.7 crore, a growth of 66.42 per cent year-on-year and 8.06 per cent quarter- on-quarter, the company said.

Commenting on the numbers, Suresh Venkatachari, chairman and managing director, said the revenue has been driven mostly by the American healthcare sector, where the service providers are increasingly exploring opportunities to host patients' medical records in a hosted cloud environment and move away from traditional data centres.

8K Miles offers IT business transformation, secure cloud solutions and managed services.

The company counter closed 4.8 per cent down at Rs 934.15 on the BSE ahead of the earnings announcement yesterday. The benchmark Sensex dropped for the fourth consecutive day, tanking 0.95 per cent.